Enjin Coin’s [ENJ] volume hits YTD peak, this was the driving force

• ENJ’s trading volume surged as the platform aims to improve NFT trading.
• The token may not reach a yearly high soon.

Enjin Coin [ENJ] has seen a surge in trading volume recently, reaching its highest level in 2023. According to Santiment, the volume reached the Year-To-Date (YTD) high on 8 April, peaking at 459.85 million.

How much are 1,10,100 ENJs worth today?

This increase in volume meant that the token piqued the interest of investors and invariably drove the crowd’s sentiment toward trading ENJ. The volume, sometimes, also carves out patterns that align with a bearish or bullish outcome.

In ENJ’s case, the rise in the number of transactions on the network enabled ENJ to hit $0.489 — a region it has struggled to reach since 25 February. Although, the price at press time had declined to $0.429 after an 8% decrease in the last 24 hours.

Source: Santiment

Create, collect, and the will to trade

But what were the factors that spurred this move? Well, on 4 April, the project announced that developers and gamers in its ecosystem would be able to manage their NFTs easily. According to Enjin, the new platform would allow for the creation, collection, and ability to freeze assets.

A sneak peek at the Enjin development activity revealed that the developer’s contribution to the network was in contrast to the announcement. The metric serves as a measure of the upgrade going on in an ecosystem.

At press time, the development activity was down to 0.048. This implied that the polishing of Enjin was not exactly as operational as expected. Nevertheless, it seemed that the Enjin community took the update in good faith, resulting in a hike in the NFT trade volume.

Based on the information from the on-chain analytic provider, the total NFT volume skyrocketed to 9.65 million. This was almost instantly after Enjin released the information to the public. Hence, it could be said that the development caught traders’ interest and propelled their reaction.

Source: Santiment

ENJ price action

Concerning its movement, the Relative Strength Index (RSI) was 53.16 at the time of writing. In examining the daily chart, the RSI value indicated a drop from ENJ’s attempt to sustain the buying pressure.

Thus, its reversal showed that it might not long hit the overbought territory. Subsequently, it has the potential to succumb to selling pressure.

Realistic or not, here’s ENJ’s market cap in BTC’s terms

As per its Moving Average Convergence Divergence (MACD), a slight bullish momentum still existed. However, it would require a significant rise of the blue and orange dynamic line above the histogram if ENJ was to reclaim the price increase.

Source: TradingView